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Insurance customers can now ask for payment holidays and premium refunds
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dailyrecord.co.ukThe Financial Conduct Authority (FCA) has implemented temporary measures to help insurance and premium finance product customers who may be struggling financially as a result of the coronavirus pandemic.
From Monday, May 18, firms will need to consider whether other products are more suitable to meet a customer’s needs or whether cover needs to be revised.
This includes allowing customers to change to cheaper policies and letting them remove add-ons at no cost if their lifestyles have changed during lockdown, the FCA said.
Firms will also be required to waive cancellation and other fees associated with adjusting customers’ policies. By implementing these measures, the FCA said this could result in a reduction in monthly premiums for those
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